* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to 'ACUITE B minus' (read as ACUITE B minus) from ‘ACUITE B’ (read as ACUITE B) on the Rs. 10.00 crore bank facilities of Sri Sai Industries (SSI) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information.
About the Company
Sri Sai Industries (SSI), established in 1998, is a Karnataka based proprietorship concern promoted by Mr. R.V.S Reddy. SSI is engaged in manufacturing of precision sheet metal enclosures which find application in CNC machines and various electrical component enclosures. It also manufactures steel fabricated coffee vending machines and the base frame for transformers. The manufacturing plant is located at Peenya Industrial Estates (Bangalore) on a freehold land measuring 23000 sq.ft. The company caters to Automobile, Railways, Telecommunications and Engineering industry.
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower:
Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
Limitation regarding information availability
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Term Loan
Long Term
4.92
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Proposed Long Term Loan
Long Term
2.08
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
31 Oct 2023
Cash Credit
Long Term
3.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
4.92
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan
Long Term
2.08
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Union Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Not Applicable
Not avl. / Not appl.
Proposed Long Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.08
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Union Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.92
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
